As a small business owner and employer you want to make sure your business is protected against any dishonest acts of your employees including damage to property, fraud or theft of a client's property. Read on to find out what commercial crime insurance does and doesn't cover.
What is covered?
What is not covered?
Crime package insurance upgrade does cover:
Our commercial crime insurance package provides up to $10,000 coverage per damages (per occurrence) caused by dishonest acts of your employees. These losses include damage to business personal property and the theft of money and securities.
Computer fraud and funds transfer fraud
Our crime package provides up to $25,000 in crime insurance coverage for the loss of money, securities or other property relating to the use of a computer to fraudulently transfer those items out of your procession.
Forgery and alteration
Our standard business owners crime insurance policy coverage includes up to $2,500 in coverage for losses that result from the forgery or alteration of a check or similar financial instrument. However, by purchasing this upgrade, we increase this limit to $10,000.
Money and securities
Our crime insurance package provides coverage for the lose of money and securities that are used in your business at your premises, your home or bank, including theft or disappearance. This coverage is limited to $10,000 per business premises or bank and up to $5,000 off your premises.
Theft of client's property
Our commercial crime insurance package provides $5,000 of coverage in the event that one of your employees steals your client's money, securities or other property at their premises. This coverage is not available in all states.
Business owners policy - crime package insurance does not cover:
We want you to feel confident you understand your commercial crime insurance. That is why we believe in being open about what we do and don't cover. The following is a list of what we don't cover.
Your actions or those of your partners
We won't cover dishonest or criminal acts committed by you, your partners, or acts committed by your employees with the aid of one of your partners.
Your liabilities due to crime-related losses
We only cover your losses due to the described events. It does not provide any coverage for any liability you may have to a third-party due to such losses.
Your accounting errors
Hiscox will not cover losses that are due to your accounting errors.
Our commercial crime package is not available for attorneys, claims adjusters, or those in the financial industry.
Business Owners Policy Claims Examples:
An employee steals your money - One of your employees steals $2,500 from your petty cash fund. Your Hiscox crime package will cover the loss.
Employee theft of your client's property - One of your employee is at a client's office and steals your client's new laptop. The client holds you responsible for replacing the laptop. Your Hiscox commercial crime insurance package will cover the loss.
This information is provided to assist you in understanding the coverage we offer and does not modify the terms and conditions of any insurance policy, nor does it imply that any claim is covered. Coverages are subject to underwriting and may not be available in all states.